Actually You Know

Kayla Wang

Actually You Know is an interview series from LongTree Labs. We sit down with builders, researchers, and operators at the intersections that matter. One principle runs through every episode: the people building these systems may know things you don’t. We’re here to close that gap. Actually You Know. Because you can. Follow us: 🐦 Twitter / X: https://x.com/LongTreeLabs

Episodes

  1. Mar 29

    跨圈读懂：从发卡基建商视角看懂稳定币支付——现状、合规与AI Agent支付机会｜ft. Interlace Simon

    稳定币巨额链上交易量为何难变成日常支付？一场覆盖通道、牌照、风控与 AI 的完整访谈——发卡基建商 Interlace 拆解：六大落地条件、CaaS 与卡组织、「三明治」清算升级、合规护城河，以及 AI Agent 支付往哪走｜ft. Interlace Simon | Actually You Know EP02｜Stablecoins at Scale vs Everyday Checkout: Six Conditions, CaaS, Compliance & AI Agent Payments ft. Interlace Simon 视频版：https://www.youtube.com/watch?v=ZzrD-ILCj2o TOPICS COVERED 00:00 开场与职业转折：PayPal/万里汇到 Web3 基建 Opening and career pivot: from PayPal / WorldFirst to Web3 infrastructure 03:57 Interlace 做什么：CAAS/BaaS 与链上—消费通道 What Interlace does: CAAS/BaaS and the on-chain-to-spend rail 04:57 体量矛盾与落地六条件：33 万亿 vs 咖啡店体感 Scale vs. reality: $33T volume vs. the coffee-shop experience, and six conditions for adoption 08:12 六环进展与生态位：已打通哪些、Visa 主成员角色 Progress across the six links and market position: what’s live, and the Visa principal member role 10:53 产业链与场景：B2B 体量、C 端增速与典型客户 Industry chain and use cases: B2B scale, consumer growth, and typical customers 14:14 CaaS 意义：模块化发卡、平台内嵌支付与卡组织关系 Why CAAS matters: modular issuance, embedded platform payments, and ties to card networks 19:34 三明治模型：两端法币体验、中间稳定币清算与演进 The “sandwich” model: fiat UX on both ends, stablecoin clearing in the middle, and what’s next 22:14 AI 支付：Agent、Token 载体、合规与监测提效 AI payments: agents, tokenized instruments, compliance, and smarter monitoring 33:01 「免 KYC」卡：需求心理、企业卡套利与风险 “No-KYC” cards: user psychology, corporate-card arbitrage, and the risks 36:33 合规护城河：牌照布局、保守策略与地区悖论 Compliance as a moat: licensing, a conservative playbook, and the regional paradox 45:30 Visa 主成员与分层风控：卡组织—发卡方—伙伴 Visa principal membership and layered risk controls: scheme, issuer, partners 47:04 未来 12–18 个月：支付入口前置与原生闭环 Next 12–18 months: moving payments to the front page and native closed-loop flows --- SERIES OVERVIEW Actually You Know is an interview series from LongTree Labs, featuring fresh conversations with the builders, researchers, and operators shaping the next generation of financial infrastructure — from stablecoins and DeFi to on-chain finance and beyond. Each episode is designed around one principle: the people actually building these systems may know things you don't — and we're here to close that gap. Actually You Know. Because you can. 在小宇宙查看该单集文稿

    49 min

  2. Mar 17

    黑天鹅反增 20 亿，全网最深 USDS/Spark 解析：131亿储备构成、赚钱逻辑与「最安全稳定币」背后的真相

    10月11日黑天鹅事件后，USDS 逆势增长了 20 亿美元。当时大多数项目都在「失血」，但 Sky 没有。 在本期 《Actually You Know》中，Kayla 对话 Spark 亚太区负责人 Tim，深度拆解这背后的逻辑。我们探讨了「Sky 作为中央银行 / Spark 作为商业银行」的宏大架构、131 亿美元的储备金规模、41.6 亿美元的 PSM 缓冲池，以及为什么 Spark 80% 的利润并非来自借贷，而是源于流动性层（Liquidity Layer）。 我们还深入挖掘了治理风险、SKY 代币的高度集中化，以及当你真正拆解数据时，「最安全稳定币」的真实含义。Tim 的最终观点：稳定币市场规模将从 3000 亿美元爆发至 2-3 万亿美元，DeFi 才刚刚拉开序幕。而如果美元发生崩溃，USDS 可能是前十大稳定币中唯一能幸存下来的那一个。 视频版：https://www.youtube.com/watch?v=QrnatV56TKE TOPICS COVERED 00:00  USDS铸造量逆风增长20亿 | Sky revenue排名全网第一 USDS +$2B against the tide; Sky #1 by on-chain revenue 02:45 Sky=央行、Spark=商行：100亿美金分水岭与Sub-DAO设计逻辑 Sky as central bank, Spark as commercial bank; $10B threshold & Sub-DAO design 06:11 为什么超额抵押稳定币是「独一份」？5–8年美债风险假设 Why overcollateralized stablecoins are unique; 5–8yr U.S. debt risk view 08:57 USDS的起源：牛市不卖ETH、抵押借贷的原生场景 USDS origin: don’t sell ETH in bull market; native collateralized-borrow use case 10:52 钱从哪来：Sky拨备 + Spark自有储蓄系统 Where the money comes from: Sky allocation + Spark Savings 14:14 131亿总抵押 / 126%抵押率 / 41.6亿PSM一键刚兑 $13.1B collateral / 126% ratio / $4.16B PSM instant redeem 18:01 超额抵押稳定币为什么铸币成本不更高？Circle渠道费模型 Why isn’t minting cost higher? Circle spread-fee model 21:38 80%利润来自Liquidity Layer：「水利万物而不争」 80% profit from Liquidity Layer; capital allocation across protocols 27:22  20亿怎么分：Morpho 50% / PayPal 23% / Maple 9% How $2B is allocated: Morpho 50% / PayPal 23% / Maple 9% 30:16 Spark怎么赚钱：4000万国库、5000万/7000万回购、年化收益测算 How Spark earns: $40M treasury, $50M/$70M buyback, yield math 34:24 Curator怎么选：池子、流动性历史、风险偏好 How Curators are chosen: pool, liquidity history, risk appetite 38:01 Sky本币抵押只占1%：Luna 100% vs 1%的「鲶鱼效应」 Sky native collateral only 1%; Luna 100% vs 1% “catfish” contrast 43:48 PSM 40亿流动性一天到零的极端情景推演 Extreme scenario: $4B PSM liquidity goes to zero in one day 46:52 林迪效应（黄金/比特币/Sky 8年）：Tim为什么说USDS比USDT更安全 Lindy effect (gold, Bitcoin, Sky 8yr); why Tim says USDS beats USDT on safety 50:05 谁在决定流动性分配？渐进式去中心化与治理攻击向量 Who decides allocation? Gradual decentralization & governance attack vectors 52:51 新业务：机构托管借贷 + 5000–8000万保险金库 New: institutional custodial lending + $50–80M insurance buffer 57:05 快问快答：以太坊、稳定币后市、比特币生态、2026赛道 Lightning round: Ethereum, stablecoin outlook, Bitcoin L2, 2026 themes --- SERIES OVERVIEW Actually You Know is an interview series from LongTree Labs, featuring fresh conversations with the builders, researchers, and operators shaping the next generation of financial infrastructure — from stablecoins and DeFi to on-chain finance and beyond. Each episode is designed around one principle: the people actually building these systems may know things you don't — and we're here to close that gap. Actually You Know. Because you can. 在小宇宙查看该单集文稿

    1h 1m
  • 2 Episodes

About

Actually You Know is an interview series from LongTree Labs. We sit down with builders, researchers, and operators at the intersections that matter. One principle runs through every episode: the people building these systems may know things you don’t. We’re here to close that gap. Actually You Know. Because you can. Follow us: 🐦 Twitter / X: https://x.com/LongTreeLabs

Information

  • Creator
    Kayla Wang
  • Years Active
    2K
  • Episodes
    2
  • Rating
    Clean
  • Copyright
    © Actually You Know@小宇宙App
  • Show Website
    Actually You Know